Hearst and Verizon Team Up to Acquire Complex Media
Find out what this means for the future of the web-print publication.
Verizon Hearst Media Partners, a joint venture between Verizon Communications and media conglomerate Hearst, released a statement on Monday evening indicating an agreement to acquire Complex Media. Brian Angiolet, Verizon’s senior vice president of consumer product and marketing expressed that the acquisition “is certainly a continuation of our media strategy, which is focused on disruption that is occurring in digital media and content distribution, and involves building a portfolio of the emerging digital brands of the future for the millennial and Gen-Z audience.” For those who are unfamiliar with the platform, Complex’s content targets the young male demographic and has the ability to “[drive] unparalleled engagement with that audience across every social channel”.
While the terms of the deal have yet to be disclosed, The Wall Street Journal reported that the deal values Complex Media somewhere between $250 million USD to $300 million USD. Although Complex will retain 50-50 ownership between Verizon and Hearst, Complex CEO and co-founder Rich Antoniello will continue to lead the company.